The future of Audit: Myths, realities, and way forward

The audit profession faces a decisive moment: market expectations are shifting, technology is empowering auditors and strengthening quality, the case for audit’s evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies can expect.

Against this backdrop, Mazars commissioned an independent research firm to take the pulse of the global market’s view on the expectations and future direction of audit, inviting stakeholders to consider necessary changes for its evolution.

This recent survey reveals the need for an evolution of audit and clearer guidelines on the scope and means of an audit. With 501 responses from 12 countries, this survey sheds critical light on what respondents expect from audits.

The findings provide insight on four markets ‘myths’ surrounding what audit can be expected to achieve, how it is delivered, what areas auditors should cover, and the real appetite for joint audits.

Findings
Objectivity, confidence, and improvement are the primary goals of an audit.

Technology matters: It empowers auditors, it doesn't replace them.

Auditors are encouraged to expand services beyond financial reporting.

There is overwhelming support for audit reform and joint audits.

Dispelling four market myths about audit:

Myth 1: The primary objective of the audit is fraud

Myth 2: The future of audit is robotic

Myth 3: Auditors should stick to traditional financials

Myth 4: Companies do not want joint audits. It

As well as dispelling four myths about the audit, the report addresses three important questions to policymakers surrounding audit’s evolution, the broadening of audit services, and how to foster the right skillsets.

Improving the relevance and quality of audit

The audit is, and always has been, at the heart of what we do. That’s why we are committed to finding ways to strengthen our profession and work with others to evolve our industry.


Curated: Mazars

Robots can't displace Auditors. That's one area in the accounting and finance industry that cannot be fully automated. 

Absolutely!